Transaction Time When Selling Bitcoin

How Long Does It Take to Sell Bitcoin at a Bitcoin ATM?
By 
Coin Cloud Team
, published on 
November 6, 2020
Transaction Time When Selling Bitcoin

Yesterday we talked about how long it takes to buy bitcoin at a Bitcoin ATM. But did you know that SOME Bitcoin ATMs also let you sell your bitcoin for cash?

Only around 20% of all Bitcoin ATMs have the functionality to let you cash out. But 100% of Coin Cloud BTMs do! And that accounts for over 60% of all two-way Bitcoin ATMs in the USA.

So today we’ll answer the question of how long it takes to sell bitcoin at a Bitcoin ATM.

While the basic answer to “how long does it take to sell?” is the same as the one to “how long does it take to buy?” (10 minutes) … there are several variables in the selling process that could determine whether you need to wait 10 minutes or 0 minutes. Yes, for real, you can wait 0 minutes if you use our recommended time hack.

But first, let’s compare other methods you have available for selling your bitcoin.

1. Online Exchanges

You can use an online exchange to sell your bitcoin, but it’s not going to be for cash because you have to transfer it to your debit card, bank account or other payment platform account. If you use your bank account, it will take one to five business days to complete the bank wire process.

On top of that will be the multi-level confirmation process, which most likely takes 30 to 60 minutes (three to six confirmations on the blockchain, each being approximately 10 minutes long … unless the network is slow or your transaction is otherwise delayed).

2. Peer-to-Peer (P2P) Exchanges

Just like for the buying process, we wouldn’t really recommend this. But if you really want to you can use a peer-to-peer exchange network. This will require you to make a personal arrangement with someone who wants to buy bitcoin, and obviously they will be looking for the best deal possible. Then you have to meet them somewhere or arrange some kind of online funds transfer. If you trust them to send you the money, and it all works out, this could take anywhere from a few hours to a few days or more to go through all the steps.

3. Bitcoin ATM

Again, similar to the buying options, Bitcoin ATMs offer the fastest and easiest way to cash out your crypto … and it actually is, literally, a cash out. Meaning you end up with real paper money in your hands at the end of the transaction.

Unfortunately, since the vast majority of machines don’t let you do this, you’ll have to double-check whether the particular machine near you has the functionality to sell.

Pro Tip: If you are using a Coin Cloud Bitcoin ATM, you don’t have to check. All Coin Cloud machines allow you to both buy and sell digital currency with cash.

And again, we can’t speak to the cash-out process for other brands — at least for the few machines of theirs that do offer it — but we can say that Coin Cloud is, undeniably, the fastest way to turn your bitcoin into USD. And presumably, if you’re selling your cryptocurrency, you want it right away. It might even be an emergency.

Option 1: 10 Minutes

So if you just walk up to the nearest Coin Cloud Bitcoin ATM, enter your phone number and scan your wallet, you can expect to get your cash in about 10-15 minutes, after the transaction has been written to the blockchain. The machine will text you when it’s time to come back and withdraw your money.

Option 2: 0 Minutes

But wait, what about the “zero-minute” option I promised at the beginning of this article? The one where you don’t have to come back to the machine later?

Pro Tip: This time hack, using the Coin Cloud Wallet app, will ensure you never have to wait for your cash at a Coin Cloud BTM again.

1. Download the free Coin Cloud Wallet app.

2. Open the app and allow it to see your location.

3. Find your nearest Coin Cloud machine and choose “Quick Cash.”

4. Enter the amount you want to withdraw.

5. If that machine has enough money, you can reserve your cash for up to 48 hours.

6. If that machine doesn’t have enough, you’ll be prompted to choose another one.

7. Head to the machine you’ve reserved your cash at.

When you arrive at your machine, enter your phone number and the cash will be dispensed immediately! (This assumes it took you at least 10 minutes to get to the machine … if it’s between 10 minutes and 48 hours, the cash should be waiting for you.)

If you choose not to use the Coin Cloud Wallet app, that’s fine … you can use any digital wallet with a QR code. But we highly recommend you do download the Coin Cloud app for the most seamless, quickest and easiest experience. After all, who has time to wait around for miners to write your transaction to the blockchain?

Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

What is Coin Cloud?

Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.

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